Published May 16, 2017, 10:00 PM By James A. Loyola
Aboitiz Power Corporation (AboitizPower) is planning to raise up to P3 billion from a bond issuance consisting of P2 billion bonds with a tenor of 10 years and an Oversubscription Option of up to P1 billion.
This is the initial issuance in relation to the company’s three-year Shelf Registration of up to P30 billion.
Philippine Rating Services Corporation (PhilRatings) said it has assigned its highest Issue Credit Rating of PRS Aaa, with a Stable Outlook for the bonds.
The proceeds of the issuance will be used to finance an investment into a company partly-owned by AboitizPower.
PhilRatings likewise maintained the Issue Credit Rating of PRS Aaa and Stable Outlook for AboitizPower’s outstanding P10- billion retail bonds.
Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong.
On the other hand, a Stable Outlook means the rating is likely to be maintained or to remain unchanged in the next 12 months.